Giving Credit’s recommendations on a national strategy for financial inclusion
The Department of Treasury’s Office of Consumer Policy requested public comments and recommendations on the development of a national strategy for financial inclusion. Giving Credit called upon the Department to ensure that mainstream finance, government, and philanthropy design products, services, and regulations that not only include but capitalize financial activity happening daily among community members. We made the following recommendations:
Integrate community financial activity into commercial financial service products and underwriting.
Identify community financial activity in FedNow data.
Provide tax credits for community financial activity that creates social impact.
The philanthropic and social sectors must allocate more charitable resources directly to people.
A just and equitable financial system recognizes and capitalizes financial innovation in peer-networks, offering people the same privileges of public policy instruments and investments that commercial finance does.
